MNI China Daily Summary: Thursday, December 12

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MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

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MNI: US NOV TREASURY BUDGET -$366.8B

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Codelco Affirmed at A- by Fitch

CHILE
  • Codelco's senior unsecured debt rating was affirmed by Fitch at A-. As a reminder, Codelco launched an offering earlier this week to help fund the above-average investment of $4.1 billion the world's largest copper producer said it needs to make this year to push forward projects.
  • The miner is not only battling to reignite copper production which is at its lowest level in 25 years, but is also facing calls to rein in its debt, which has ballooned as costs have overrun at some of its key mines.
  • In late August, rating agency Moody's said it was reviewing a possible ratings downgrade for Codelco amid weakened production, rising costs and growing financial pressure. It said the firm would need to lift its investments to about $4 billion from $3.3 billion to boost its "structural projects."
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